Financial Frequently Asked Questions
The FAFSA application is the Free Application for Federal Student Aid. On October 1st each year, students and families are able to complete the application by visiting fafsa.ed.gov.
The FAFSA application is a huge resource for students and families that helps to make college more accessible and affordable. Make sure to apply by SUU’s priority deadline of May 1st to gain access to additional grants and expedite processing time.
The FAFSA application can be pretty complex. The government will analyze your financial information and your household size to determine how much your family can contribute to college through a number referred to as the expected family contribution (EFC).
The EFC is an assumption of how much your family can contribute to your education. Ultimately, it will determine the type of federal aid that you are eligible to receive and may be required by private scholarship providers.
If anything, you should fill out the FAFSA application so that you always have a back-up plan through federal loans, and to gain access to various scholarship opportunities.
Through the FAFSA application, students can receive Federal Stafford loans to help cover educational expenses. These loans often have lower interest rates than private loans, and don’t require payment until a student graduates or drops below half-time enrollment status.
Students who complete the FAFSA may also take advantage of work-study jobs on-campus, and can potentially qualify for the Pell Grant (free money that does not have to be repaid)!
The FAFSA application will always look at tax information that was reported two years prior. We realize that prior year tax information may not accurately reflect your current ability to pay for school. Fortunately, SUU has a re-evaluation process that you may be eligible for.
If you feel that you have experienced major financial shifts from year-to-year please contact the Financial Wellness Coordinator to see what options are available.
The truth is that not everyone can afford to stay on-campus. There are different advantages to both, but if you are trying to save money you may want to consider off-campus housing options.
For starters, you may pay less over the course of the semester, and you will not be required to obtain a meal plan. Buying your own food for the semester can also save you more money, and cheaper housing means that you will have less financial stress to focus more on your academics.
However, if you can afford to live on-campus, it can help you to stay more involved and lead to great relationships that will strengthen your academic experience!
Also, don’t forget that the Leavitt Land Housing scholarship application will become available on November 1st on the Financial Aid Office website.
Parents have the options of requesting the Parent PLUS Loans to help cover extra educational expenses. The interest rate is usually higher than the Federal Stafford Loans and the loan is dependent on the parent’s credit. Denied applications can potentially qualify for additional Stafford Loans in the student’s name. For more information regarding the Parent PLUS Loan visit studentloans.gov.
You can also apply for private scholarships through websites listed on our scholarships page and by checking in with local or family businesses or your parent's employers.
The estimated costs for books for a full-time student is $800.00. This number is a high-end estimate based off of the maximum price you may pay during a semester, but there are multiple ways to save money on books.
We recommend that you check with your professor to see if the book will be needed for the first day of class. Many instructors are flexible and may tell you that you can wait to purchase it or that it is no longer needed. This can give you time to partner up with classmates who have the book and help save your money.
You can also rent your textbooks online or check with your professor to see if the previous version will work. Often, the previous editions of the textbook cost less and renting will net more savings in a pinch. You may even find that certain courses will provide the required text for you!
Incoming freshmen students will be eligible to take out up to $5,500.00 in Federal Stafford Loans for their first year. Depending on your eligibility, the loans may be split between subsidized ($3,500) and unsubsidized loans($2,000) for the year.
Utah has done the best job of keeping student debt at a minimum, but does that mean that loans are bad? Absolutely not! Loans are an investment into your future, and halting your education may not always be the best route to ensure academic success. When considering loans, always keep in mind that they are an investment into your future self and that you should never borrow any more than you need.
To see your financial aid award, log into the mySUU portal.
Choose “Financial Aid” then “Award”. View your award by “Aid Year”. Select the correct aid year, then click the tab that says “Award Overview”. If you wish to accept your award, you can select the “Accept Award Offer” tab.
The Family Education Right-to-Privacy Act is a law designed to keep your personal information safe. It means that no one, including parents, siblings, and spouses, will have access to your information without your written consent. You must sign a Release of Information form to grant access to outside parties.
Please note that you must sign this release in the presence of a member of approved SUU staff (Financial Aid or Registrar's Office) or a Public Notary. Faxed signatures are unable to be accepted.
Student loans can be accepted through your SUU Portal:
- Log into the mySUU portal
- Choose Financial Aid
- Choose Award
- View your Award by Aid Year
- Select "Accept Award Offer" tab
- If necessary, complete Entrance Counseling and your Master Promissory Note on the Studentaid.gov website.
If you met SUU’s scholarship requirements and applied for admission before the March 1st deadline, you were automatically considered for scholarships. Student loans can be accepted through your SUU Portal:
- Log into the mySUU portal
- Choose Financial Aid
- Choose Award
- View your Award by Aid Year
- Select "Accept Award Offer" tab
- Complete the Statement of Acceptance and submit it.
Once you are enrolled in classes you will be able to set up a payment plan to break your payments up into three installments or four installments over the course of a semester. The fee to enroll in the payment plan is $50.00, and will prevent your courses from being dropped for non-payment.
To set up a payment plan, log into your mySUU Portal. Choose your Account Balance in the top right corner. Select ‘Payment Plans’ then ‘Manage Plans”. If you need assistance, click on the ‘Help’ tab or contact the Financial Wellness Coordinator.
Refunds are sent out the first day of classes. They will be sent via direct deposit if you have it set up. If you do not have direct deposit set up, then they will be mailed to your permanent address that the school has on file. You can sign up for direct deposit on your portal under direct deposit. We highly encourage you to do this because it is the fastest way for you to receive your refund.
You can submit an IRS Form 4506-T to the IRS. On this form your will select line ‘7’, and report the ‘Year or Period Requested’ as 12/31/20YY with the correct end year listed.
You can also follow the instructions listed under “Getting the Tax Return Transcripts from the IRS”. The request can take a couple of weeks to process, so it is encouraged that you submit it as soon as possible.